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KHAN v. BDO SEIDMAN, LLP

Nos. 4-10-0002, 4-10-0003.

935 N.E.2d 1174 (2010)

Shahid R. KHAN; Ann C. Khan; SRK Wilshire Investments, LLC; SRK Wilshire Partners; SRK Wilshire Investors, Inc.; Thermosphere FX Partners, LLC; and KPASA, LLC, Plaintiffs-Appellants, v. BDO SEIDMAN, LLP; Paul Shanbrom; Michael Collins; Deutsche Bank AG; Deutsche Bank Securities, Inc., d/b/a Deutsche Bank; Alex Brown; David Parse; Equilibrium Currency Trading, LLC; Samyak Veera; Grant Thornton, LLP; Gramercy Advisors, LLC; Jay A. Johnston; and Marc Helie, Defendants-Appellees. Shahid R. Khan; Ann C. Khan; Uviado, LLC; Jonction, LLC; and Leman, LLC, Plaintiffs-Appellants, v. BDO Seidman, LLP; Paul Shanbrom; Michael Collins; Gramercy Advisors, LLC; Gramercy Asset Management, LLC; Gramercy Financial Services, LLC; Tall Ships Capital Management, LLC; Jay A. Johnston; Marc Helie; DeCastro, West, Chodorow, Glickfeld and Nass, Inc.; and Financial Strategy Group, PLC, Defendants-Appellees.

Appellate Court of Illinois, Fourth District.

Rehearing Denied October 29, 2010.

Attorney(s) appearing for the Case

James D. Green , Thomas, Mamer & Haughey, LLP, Champaign, David R. Deary (argued), Carol E. Farquhar , Jeven Sloan , Loewinsohn Flegle Deary, LLP, Dallas, TX, for Shahid R. Khan.

Andrew R. Gifford , Mark A. Bradford , Raja Gaddipati , Chicago, Cary B. Samowitz (argued), New York, NY, DLA Piper LLP (US), for BDO Seidman, LLP.

Roger D. Higgins , Alison H. Moore , Thompson, Coe, Cousins & Irons, LLP, Dallas, TX, Richard J. Sapinski , Sills Cummis & Gross, P.C., Newark, NJ, for Paul Shanbrom.

Melissa Murphy-Petros , Michael P. Tone , Wilson, Elser, Moskowitz, Edelman & Dicker LLP, Chicago, for DeCastro, West, Chodorow, Glickfeld & Nass, Inc.

Justice APPLETON delivered the opinion of the court:

In these two consolidated cases, Champaign County case Nos. 09-L-139 and 09-L-140 (Nos. 4-10-0003 and 4-10-0002, respectively, on appeal), plaintiffs are Shahid R. Khan and his wife, Ann C. Khan, along with various business entities that the Khans formed, on the advice of their accountants at BDO Seidman, LLP (BDO), for the purpose of shuffling assets around and generating artificial tax losses. The Khans did not...

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